Bitcoin has seemingly been receiving positive reviews from several critical stakeholders in US politics. Recently, the 2024 US presidential elections candidate from the Democratic party, Robert Kennedy Jr., expressed his support for the primary crypto asset.
According to the report, Kennedy, while speaking at the 2023 Bitcoin conference in Miami, described Bitcoin as a symbol of democracy and freedom. In addition, he submitted proposals suggesting how to regulate BTC and other crypto assets.
Furthermore, the Democratic presidential candidate claimed that crypto is an important innovation that symbolizes the essence of freedom and democracy. He added that blockchain tech is controlling innovations in the country.
Additionally, Kennedy criticized how the United States authorities are clamping down on the crypto industry. He argues that the unnecessarily harsh crypto rules would force many crypto-related innovations to move out of the country and settle elsewhere.
Kennedy States Four Regulations Concerns
In his speech, the democrat highlighted four regulation proposals that he opined would be very pivotal to regulating and developing the digital assets space in the country. First, he said the government should pledge to allow entities to own BTC and run a mining node. Second, they should enforce neutral energy laws.
Thirdly, he suggested that the regulators should strive to keep the US as the global hub for innovation. Fourth and last, Kennedy argued that authorities should review the convictions of BTC pioneers such as Ross Ulbricht.
According to experts, Kennedy’s proposals are targeted at offsetting the current regulations various US regulatory agencies are enforcing. These regulations are often perceived as governments’ assault weapons to intrude and take over the crypto industry.
In one of his proposals, the democrat addressed the BTC mining restrictions the government placed on miners. He also showed his disapproval of the potential 30% tax law the country plan to impose on BTC miners. He claimed the tax rule was biased and proposed to satisfy the elites’ interests.
In addition, the United States’s harsh actions on the crypto market, primarily via the SEC (Securities and Exchange Commission), have been raising concerns in the market. For different reasons, the SEC has filed lawsuits against major crypto platforms like Kraken, Binance, and Coinbase.
US Politicians Shows Support For Crypto
Furthermore, the stance of Gary Gensler, the SEC chairman, on crypto, classifying all crypto assets aside from Bitcoin as securities, has raised a lot of uproar and controversies from the community.
Generally, many crypto speculators consider these strict actions from the US as extreme measures that can see many crypto-related platforms and developers exit the country’s market. These possibilities warranted Kennedy’s third proposal, which urged the government to retain the US as the global center hub for crypto.
In April, Robert Kennedy Jr. publicly displayed his admiration and support for Bitcoin. Since then, he has been advocating for the coin and opposing all rules enforced by President Joe Biden, which he sees as unfavorable for the crypto industry.
In addition, the politician has reportedly integrated the Bitcoin payment portal on his official campaign website through which people can make donations. The portal redirects users to a checkout page where they would identify themselves before making donations.
Notably, many US politicians who support crypto technology were reportedly present at the Bitcoin 2023 conference. Some distinguished politicians included Senator Cynthia Lummis from Wyoming, Byron Donalds from Florida, Congressmen Patrick McHenry from North Carolina, etc.